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Loan Programs
The following is a partial list of programs offered by Great Western BanCorp with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 310-216-1700.
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FHA Mortgage
• Low down payment: Conventional lenders rarely approve financing for homebuyers with less than a 10 percent down payment; FHA insures mortgage loans of up to 96.5 percent of home value. Borrowers should be aware that FHA loans come with a price in the form of mortgage insurance premiums. If you want to take advantage of current low mortgage rates, but don’t have enough cash to cover 10 percent down, an FHA mortgage loan can help.
• No specific income requirements: If you’re self employed, work seasonally, or cannot otherwise qualify for conventional mortgage loans due to your income, an FHA loan may be the mortgage loan for you. FHA places no dollar limits on qualifying income, which means that you can potentially qualify with any amount of income as long as you can document your ability to make mortgage payments.
• FHA loan limits accommodate many housing markets: FHA loan limits vary according to regional market conditions, with maximum loan limits ranging from $271,050 to $729,750.
• Thorough appraisal requirements = homebuyer protection: Although FHA has loosened some standards for minor cosmetic repairs, its appraisal guidelines require sellers to make recommended repairs prior to closing. Although this can seem troublesome for homebuyers anxious to close, it can save money and help prevent home repairs later.
• No income requirements (either high or low): Unlike convential lending requirements, FHA guidelines are based on a borrower’s ability to pay instead of arbitrary income requirements. There is no minimum or maximum income requirements for qualifying for an FHA mortgage. FHA lenders will verify income and employment.
• Flexible guidelines for source of down payment: Your down payment may come from a family member or friend, your employer, or a government and/or non-profit agency. (State and local first time homebuyer programs may provide down payment assistance for first time buyers.) If any part of your down payment is financed, you’ll have to demonstrate the ability to make payments on your FHA mortgage and the down payment financing.
Assessing FHA Loan Cost
You may have heard that FHA loans are expensive; this is a criticism of the mortgage insurance premiums charged to borrowers. 1.75 percent of your mortgage loan amount is paid up front, with .50 percent of your mortgage balance paid each year for up to five years, and/or or until your loan to value ratio (LTV) reaches 78 percent of its appraised value. Conventional mortgage loans also require mortgage insurance and many require down payments of 10 percent of your home’s value. Don’t let affordable home onwership slip by before home prices and mortgage rates start rising.
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Conventional
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
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Jumbo Loans
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
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Investor Loans
Used to finance 1-4 family properties that will be for investment with as little as a 10% down payment. Aggressively priced, these programs have many variations, including: No Doc, Limited Doc, and Full Doc. Program may not be available in some states.
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Construction Loans
Building a new home can be an exciting prospect - unless you get caught up in a construction loan approval process that is overly complicated and time consuming. With this loan, we will finance up to 90% of the cost of land plus the costs of construction. We offer a one-time fixed rate closing or traditional ARM products.
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Second Mortgage Loans
Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.
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High Debt Ratio Loans
A ratio of monthly bills to monthly income higher than 50% is considered a high debt ratio. Loan programs are available for borrowers in this situation, allowing them to finance the purchase of a home or property.
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Challenged Credit Loans
These mortgages are for borrowers with less-than-perfect credit. They can vary from slightly damaged credit to severely damaged. Regardless of your situation, we have a mortgage that will get you back on track.
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Credit Problems
Troubled credit? Bankruptcy? Been turned down somewhere else? We offer loan programs for customers with credit problems.
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